Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Blackbaud (Nasdaq: BLKB) popped 13% in intraday trading today after reporting better than expected earnings.

So what: First quarter non-GAAP EPS of $0.23 rose 15% year over year, beating the consensus estimate of $0.21. GAAP EPS of $0.17 grew 31% year over year.

Now what: Revenue grew 14% year over year, the company's first double-digit revenue growth in more than two years. Blackbaud is benefiting from higher spending at not-for-profits, its end market, as well as strong product momentum for both its online fundraising and integrated packaged offerings. Investors are rewarding the stock with a non-GAAP P/E ratio of 28 times and a charitable GAAP P/E ratio of 41 times.

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